This Article, “CRYPTOS ARE ON THE RISE BUT NEED INNOVATIVE REGULATION” is written by SAHASTRANSHU PANDEY, a 2nd-year student of NALSAR UNIVERSITY OF LAW, HYDERABAD.
INTRODUCTION
How much and how often depends on the organisation’s size, whether it is listed on stock markets, and where the regulatory regimes, such as financial services, affect it. And whether it has obligations to significant customers or financial funders to report to specified standards and in which jurisdiction it operates.
When it comes to trading stocks, to a certain extent, investors know what to expect. Stocks are heavily regulated, and these regulations protect investors from fraud and other risks. However, when it comes to cryptocurrencies, government regulations have yet to be implemented. It means the crypto markets carry less certainty with them and hence, a greater risk than the stock market. For some investors, this has been a boon. Early crypto investors spent the previous decade profiting in the space despite, and perhaps because of, its unregulated nature. The said partially became successful because the early investors seemed to find the lack of regulations compelling to join in. Many of these investors subscribed to the theory that cryptocurrencies could eventually change the very rules of global finance.
Globally, the Cryptocurrency market is proliferating with the impetus from several trading platforms, mostly app-based. Similarly, in recent years, there has been an unexpected flurry of Bitcoin trading platforms in India, which has been developing as the new frontier for the multiple virtual asset service providers (VASPs) dealing in cryptocurrencies. As according to the most recent estimates from the sector, with roughly 20 million investors owning about $400 billion in cryptocurrencies in India, and thus to curb and contemplate the extravagance, the government has a dire need of the regulatory framework. Therefore, the said thesis will dig into the issues including:
- Introduction to Mining of Cryptocurrency.
- Why everyone wants to stop it, and what is the need to have regulatory reform?
- Different countries are against the mining of cryptocurrency, and some countries are in support of mining.
- India’s stand on the same is, what’s the problem with implementing regulation? Is India doing something to tackle or curb the mining, or is it supporting it?
UNDERSTANDING OF MINING
Before understanding how cryptocurrencies are mined, it is vital to understand the concept of blockchain and Bitcoin.
Let’s consider blockchain as a centralized ledger that keeps track of all Bitcoin transactions. A blockchain is a specific digital data format that enables the sharing of a ledger of digital transactions among a decentralized/distributed network of computers. In short, a blockchain is a way of digitally documenting data on a distributed ledger.
The whole blockchain network underpins Bitcoin and tends to store and record transactions over a vast network of computers. Each block holds and keeps the transactions, which are later authenticated and verified by ‘miners .’Post this, it is impossible to make any changes to the transactions as it is already on the blockchain.
Now let’s break down the mining process to understand how it works and what is required to start it.
A layperson can understand Bitcoin Mining in the same way that a central bank prints new fiat money. Bitcoin mining is confirming Bitcoin transactions on the blockchain and creating new Bitcoin. Validating Bitcoin transactions across the Bitcoin network involves a sophisticated, computational, and technical process known as mining. The method is comparable to verifying a block on the chain network and receiving payment in Bitcoin. Miners are the individuals that work in this mining operation. There are only a certain amount of Bitcoins accessible, much like any other natural resource, which is why the process is known as “mining.” Twenty-one million Bitcoins are the most that may be generated or mined.
To earn new bitcoins, you must be the first miner to arrive at the correct answer, or closest answer, to a numeric problem. This process is also known as Proof of Work (PoW). To begin mining is to start engaging in this PoW activity to find the answer to the puzzle. There isn’t any complex math or calculation required. You may have heard that miners are adept at solving complex or tricky mathematical puzzles; however, this is not true because arithmetic is harrowing in and of itself. In reality, they’re competing to be the first miner to generate a 64-digit hexadecimal number (a “hash”) that is either smaller than or equal to the goal hash.
The bitcoins need to be mined because it functions entirely as digital records, where there is a risk of copying, counterfeiting, or double-spending the same coin more than once. Mining overcomes these issues by making it enormously expensive and resource-intensive to try to accomplish one of these things or otherwise “hack” the network. Joining the web as a miner is much more cost-effective than attempting to sabotage it. And as we know, no centralized authority such as a bank, court, government, or anything else determines which transactions are valid and which are not. Instead, the mining process achieves a decentralized consensus through PoW.
But the question raising concern over the legality of Bitcoin mining is also because of its decentralized function, operating without any central authority. Thus, the nation(s) have a fear of replacement. They believe that the concept of Bitcoin can threaten the dominance of fiat currencies and government control over the financial markets, for this reason, Bitcoin is entirely illegal in certain places.
Furthermore, investors can also consider the reason not to implement the usage of Cryptocurrency as that most of the jurisdictions and authorities have yet to enact laws governing cryptocurrencies, meaning that, for most countries, the legality of crypto mining remains unclear. Under the Financial Crimes Enforcement Network (FinCEN), crypto miners are considered money transmitters, so they may be subject to the laws that govern that activity. In Israel, for instance, crypto mining is treated as a business subject to corporate income tax.
Major issues which obstruct and question the legality of Cryptocurrency include –
- Volatility in the market affects a token’s ability to serve as a medium of exchange.
- High speculation and artificial pricing continue to persist.
- Many cryptocurrencies still face scalability issues.
- Many blockchain networks struggle to keep up with demand.
To better understand it, we have to look at the below-mentioned thesis sections, which deal with the different viewpoints and strategic regulations upheld by the different nation(s) to curb or implement the better functioning of cryptocurrencies.
GLOBAL REGULATION GOVERNING CRYPTOCURRENCIES
The growth of Cryptocurrency from speculative investment to a new asset class has prompted governments worldwide to explore ways to regulate it. As the currency has become a more significant factor in the global investment landscape, countries have taken different approaches to handle the asset class.
Many countries have decided to ban Bitcoin mining and outlaw Cryptocurrency altogether. In short, they are underpinning the use of crypto but not as a legal tender, instead either they are trying to build their digital currency (China, Russia, Kazakhstan, Egypt, and so on) or to create a regulatory framework that can make a set structured use of crypto and able to levy taxes upon those profits (Canada, U.S., U.K., and so forth). However, the use of regulatory reforms and the declaration of the legality of crypto in a country does not signify that they support “Mining.”
Countries Which Are In Support Of Cryptocurrency:
[This regulatory framework is intended to protect investors and preserve financial stability while allowing innovation and fostering the attractiveness of the crypto asset sector]
Dominion of Canada
Although Cryptocurrency is not recognized as legal money or tender in Canada, the nation has been more proactive than others in regulating the same. With five already trading on the Toronto Stock Exchange, Canada was the first nation to approve a Bitcoin exchange-traded fund (ETF). The Canadian Securities Administrators (C.S.A.) and the Investment Industry Regulatory Organization of Canada (IIROC) mandate that Canadian crypto trading platforms and dealers register with their respective provincial authorities. However, the Bank of Canada, the country’s central bank, is experimenting with token-based digital currencies.
Furthermore, to impede and confine the detrimental effects of “mining,” the government of Canada announced the implementation of restrictions on energy allocation to 300 megawatts for users involved in Cryptocurrency mining, the impact of which may be to discourage such activities in that province.
United Kingdom of Great Britain and Northern Ireland (U.K.)
Cryptocurrency is legal throughout most European Union (E.U.), although exchange governance depends on individual member states. Similarly, the United Kingdom (U.K.) does not have legislation explicitly governing cryptocurrencies. However, the Financial Conduct Authority (F.C.A.) and the Bank of England are part of the country’s Crypto-assets taskforce, which views cryptocurrencies as property rather than legal tender. Exchanges for cryptocurrencies must register with the U.K. F.C.A. Additionally, trading in cryptocurrency derivatives (secondary contracts that derive their value from a primary underlying asset) is prohibited in the U.K. as well.
However, the nation has specific reporting requirements for cryptocurrency concerning KYC standards, anti-money laundering, and countering terrorism. Although investors still pay capital gains tax on crypto trading profits, more broadly, taxability depends on the Crypto activities undertaken and who engages in the transaction.
United States of America (U.S.A.)
The new presidential administration has added much more clarification on crypto use and regulation in 2022. Amidst overlap and divergent perspectives among authorities, the regulatory framework for cryptocurrencies is developing. The Federal Reserve Board, the Commodity Futures Trading Commission (CFTC), and Treasury’s FinCEN have all released their distinct interpretations and recommendations, despite the Securities and Exchange Commission (S.E.C.) being commonly seen as the most potent regulator. However, since China banned crypto, the U.S. has quickly become the global leader for Bitcoin mining and the highest-ranking country w.r.t. the hash rate.
The country provides deregulated power grid with spot pricing that allows for agility when choosing and changing energy providers. This means Bitcoin miners are offered a great degree of flexibility regarding the only real variable in crypto mining, i.e., energy consumption costs.
[The other variant of the market (countries) are the leading economies that foster upon the fact that how can the crypto assets be a threat to the other currencies or we can say their currency]
Countries that are against the use of Cryptocurrency
Republic of Kazakhstan
Kazakhstan was the world’s second-largest Bitcoin mining hotspot up until August 2021. However, after the riots in January 2022, the country’s position as a crypto mining center appears to be in jeopardy. For Bitcoin miners, Kazakhstan’s wide open spaces, affordable electricity, and pleasant temperature make it an appealing option. Its attraction, though, could be waning in light of the internet failures and power blackouts at the beginning of the year. As Kazakhstan’s energy crisis continues unabated, news that the Kazakh government is considering imposing a 500% tax on Bitcoin miners has cast a shadow of doom over the nation’s cryptocurrency market.
Russian Federation
The third largest known site for Bitcoin mining is Russia. The Russian Central Bank hinted in January 2022 that it could have followed China and outlawed Bitcoin, but a month later, the stance appeared to have softened, creating a “will they, won’t they” situation. Later, the Russian Ministry of Finance unveiled a cryptocurrency bill on February 18, 2022, which would still ban the use of cryptocurrencies for payment. This position, however, is directly at odds with the Bank of Russia’s demand for a total ban on cryptocurrencies.
According to the proposed law, cryptocurrency would not be accepted as a payment form but as an investment instrument. If the proposal is approved, the government must monitor, assess, regulate, and register all cryptocurrency exchanges. Governments are making more and more demands for cryptocurrencies to increase their levels of openness and transparency, and the nations making these demands risk losing their appeal as prime locations for Bitcoin mining.
People’s Republic of China
In 2013, the People’s Bank of China (P.B.C.) prohibited financial institutions from doing Cryptocurrency business by classifying the currency as property to determine inheritances. Later, P.B.C. extended the prohibition to encompass cryptocurrency exchanges and initial coin offerings (I.C.O.s) since the required power for “mining” was so economical and affordable in China that it became the mining epicenter. Over 65% of Bitcoin mining was thought to have been concentrated in China at its peak, and to curb the same, Cryptocurrency mining was under contemplation for a legal prohibition for a certain period. However, this was again assured in 2019 that P.B.C. would only implement the ban for a short time. The financial regulatory body in China, the FSDC(Financial Stability and Development Committee), declared in May 2021 that the country will “strict down on Bitcoin mining and trading behavior and decisively prohibit the transfer of individual risks to the society.” Chinese mining is now thought to be almost nonexistent by the majority of specialists.
However, the country has been working on developing the digital Yuan “e-CNY .”In August 2022, it officially began rolling out the next round of its central bank digital currency (CBDC) pilot test program.
The Arab Republic of Egypt
In 2018, Egypt’s Dar al-Ifta, the primary Islamic legislator, issued a religious decree designating Bitcoin business transactions as Haram (prohibited under Islamic law). According to Dar al-Ifta, cryptocurrency might undermine central banking institutions, harm national security, and finance terrorists. It should be emphasized that the ruling that Bitcoins are Haram is a Fatwa, which means that while the religious decree is a legal opinion, it is non-binding. Then, in January 2018, the Central Bank of Egypt (C.B.E.) warned against trading cryptocurrencies like Bitcoin owing to the exceptionally high risk involved with such currencies.
However, the C.B.E. revealed in 2019 that it was drafting a rule that would solely criminalize the production, exchange, and marketing of cryptocurrencies without a license. The statement indicated the C.B.E.’s evolving views on digital and cryptocurrencies.
In 2020, the Egyptian Parliament introduced several technological and digital means to aid with the digital transformation of the banking and financial sector in Egypt, which might have included digital finance, digital settlement of cheques, E-money, and Cryptocurrency. But in 2022 the Central Bank provided statements stressing that the transactions in Egypt are limited to the official currencies approved by the Central Bank of Egypt only. Thus C.B.E. is also trying to follow U.A.E. and Israel’s methodology by launching their own digital money.
Analysis of the two standpoints
Analyzing the two stances of the different markets focusing on different approaches to implement digital currency is way more complex and intricate than we think. Nothing is more symptomatic of confusion about cryptocurrencies than their own enforced reform law, where someone treats Bitcoin as a commodity, property, and asset. In contrast, others think of it as a threat. However, to compete with the global trend, they lean more towards building their own digital currency to ensure the centralized structure providing governing authority.
To comprehend why governments are wary of Bitcoin, the reader must understand the importance of fiat currencies in a nation’s economy. A government’s complete confidence and credit are used to support fiat currency, where fiat refers to traditional currencies that governments have issued. It implies that, in the event of a default, governments pledge to reimburse currency borrowers in full. But digital currency is not backed by any physical assets, according to Bitcoin proponents, who accuse the Fed of producing money out of thin air. According to critics, the U.S. central bank also creates asset booms and crises by controlling money flow into the country’s economy.
While Bitcoin can alter the established dynamics of the current financial environment, it still faces a number of difficulties. Government skepticism about cryptocurrencies can be related to fear and a lack of information about their environment. These latter worries are not unfounded, the cause-and-effect link between global happenings and the price of Bitcoin needs to be better understood, and tackling the same cryptocurrency’s erratic price swings can be a crucial sticking point.
Moreover, the countries which are upholding the usage of crypto on the one hand and banning or trying to curb mining on the other can be considered an imprudent step. Since we know that most digital currencies are limited in nature, the only way to release new Cryptocurrency into circulation is through mining. The process of “mining” Bitcoin is essential for validating and confirming recent transactions on the blockchain and preventing fraudulent users from making double payments. The assignment requires proof of work (PoW), which is inherently energy-intensive and based on a complex puzzle. However, this energy is represented in the value of the Bitcoin system, maintaining the decentralized system’s stability, security, and reliability.
INDIA’s REGULATORY STANCE
Digital assets or cryptocurrencies started to move from the economy’s periphery into the mainstream, despite being famed for their volatility and uncertainties around regulations in many countries including India. In India, digital assets went further into the mainstream in 2021, as an institution and retail investors also got involved with the crypto market. The network television and social media platforms were being flooded with advertisements for cryptocurrency trading platforms, making the said commodity a focus of the everyday conversation.
But before sensing the boom of crypto in the market, the State, in light of concerns about market integrity, consumer safety, and A.M.L. in 2018, the Reserve Bank of India banned cryptocurrency trading and forbade Indian banks from working with cryptocurrency exchanges. To clarify that there is no prohibition, the Indian Supreme Court, in the case of IAMAI v. R.B.I., overturned the ban in 2020. Despite widespread apprehension, mistrust, and previous prohibitions on cryptocurrencies, India has promoted innovation and the usage of blockchain.
Additionally, India started developing a digital rupee, CBDC, funded by the State. It introduced the ‘Cryptocurrency and Regulation of Official Digital Currency’ Bill in 2021. On the surface, it looks pretty restrictive as it seeks to prohibit all private cryptocurrencies in India; however, on the other hand, it provides the framework for the creation of official digital currency issued by R.B.I. According to experts, considering the benefit of digital currencies, R.B.I. may have taken a better approach to regulate rather than banning. As in Asia, many countries, such as Japan, South Korea, Singapore, Hong Kong, Israel, and others, permit digital currencies on an open exchange as payment systems, where the revenue generated is taxed under the income tax law.
So through this, we can consider that from a distance Indian stance seems to be still indecisive and continues to vacillate on whether to ban crypto outright or regulate it as current regulations are unclear, at best, and don’t provide much of a guidance to investors. But in reality, the country can outperform the said dominant country, i.e., the U.S., by allowing innovation for digital trading globally, ensuring India’s youth is running a futuristic race while balancing consumer protection needs. Since in here crypto adoption is likely to be witnessed from regional markets and with the current trend, more Indians are expected to join the crypto revolution across all demographics.
Furthermore, in India, cryptocurrency mining is an unregulated process where the said action is not deemed illegal as of yet. However, it is taxable, i.e., rewards earned through mining will be taxed 30 percent on total gains. In recent years, the mining of cryptocurrencies has increased in India. Mining infrastructure and blockchain development are offered in the nation by businesses like Easy and WazirX kind of network. According to Shetty of WazirX, there could be more isolated areas of small-scale mining operations in other regions of the nation. However, there needs to be formal information on the subject.
Those in the ecosystem believe that supporting cryptocurrency mining could benefit the country. But like most things related to cryptocurrencies in India, mining in the country can also be hazardous since India does not have any explicit rules for cryptocurrencies, which makes any investment in the space risky. Those investing in the sector are constantly in fear of sudden clampdown from the government. The Indian govt. has a history of banning reforms that cannot be regulated at their whim, and thus following the similar ideology of ‘Gas the building to kill a fly.
Besides regulatory hurdles, experts say India lacks the basic infrastructure which is essentially required to perform crypto mining. It may be time-consuming and expensive to build up blockchain pools in India since mining the cryptocurrencies is an energy-intensive process, since the average yearly cost of power in India is between Rs. 5.20 and Rs. 8.20 crores, i.e., 7 to 11 cents/kWh compared with Kazakhstan, where it costs 4-5 cents/kWh.
Therefore, determining if the Bitcoin network and mining are sustainable is challenging. However, users should be aware that Bitcoin is often lucrative, primarily for people with the means to pay for cutting-edge technology. Thus, crypto-mining not just depends upon the nation’s regulatory reform but also on its geographical factor, where the miner can determine its profit according to the mentioned basic infrastructure and the rule of law. However, in the Indian scenario, it may show an exception. Since the report of KuCoin mentions that 29.9% market of cryptocurrency is seemingly furnished, captured by 115 million Indian local citizens, where the mining of cryptocurrency is becoming the better option for investors (due to the presence of local investors at such a vast number).
How to have a regulatory revolution
Presently, India is developing past the nascent stage and looking more closely at the advantages of blockchain technology. India is on track to become a global leader in the blockchain revolution, thanks to the enormous opportunities that may be tapped across the country’s many industries. However, widespread acceptance has its own unique set of difficulties. The biggest problem is that most people need to be aware of blockchain technology and its potential benefits. The misconception that blockchain is a comprehensive technology that can replace present systems and infrastructure forms another difficulty around the current integrating classification and mechanization of the same.
Nevertheless, there are specific approaches through which it might ameliorate the unregulated structures of Indian regulation. It can be corrected and regulated and may form greater importance in the Indian economic markets through the acceptable norms of U.P.I. This cogitation is not promoting the use of crypto as the current financial capital; instead, it is leaning towards using it as stock trading and gaining some profits through the same. Parallel to that fact, visualize that it is 2019, the government has provided a platform for investors to invest in crypto markets, and suddenly around 2020, the pandemic occurred. Everybody in the world started to think of a different earning source where they could attain some generative income; they saw the opportunity in the form of a digital asset where the Bitcoin and Etherium kind of crypto encountered a sudden boom of investors over the same.
Similarly, as in the world, Indian investors followed the same procedure. They gained so much profit in a minimal period. Because of the presence of the regulatory reform in the market similar to the U.P.I. system in the market, the Indian crypto market might be seen as the sole reason for the exponential growth of the economy since the crypto incurs the potential to change the economy from raise to rags and rags to riches.
But, while considering the current scenario too, it cannot be held as the economy’s eleventh hour since many investors still want to invest in the crypto market. But, the lack of regulatory bodies in centralized institutions endorses the risk factor in the economic arena of crypto. Thus, the needed regulatory revolution in the market can be described as the platform which can ensure the integrity between the investors and the market while depicting specific measures such as providing the application of the forum starting with the basic needed features including:
- Super fast KYC, simple and efficient design, which unifies the multilayered perception of decoders,
- Best in CLASS SECURITY with constant audits and implemented crypto monitoring,
- Privacy-centric access to a wide array of stablecoins with two-factor authentication.
- Cloud firewalls, Monitoring and alerting, can avoid the complex decoders and convert them into smaller and simpler ones.
- It does need a positional encoding, thereby avoiding the interpolation of positional codes, which leads to decreased performance of the software while simultaneously combining both local and global attention to render the representation account of the same.
- Understandable pricing and taxation scheme.
Moreover, the Indian Parliament also can play an influential role in the crypto market, with the introduction of amendments to the regulation will cover the aforementioned issues. The amendment shall also cover the instances such as the free entry and exit of the private players in the market, which can increase the competition, employment avenues, the increase in demand for goods and services (since the rise in the production of goods and services will also enhance the market for the factors of production of such land, labor, capital, and technology) conversion of black money into white, increase in the government income, savings, and investment rates.
Furthermore, this opportunity shall improve the relationships among the world nations. Thus, providing the ability to interact with the correct pronouncements would imminently impact the modulation of the economic behavior of the traders and investors.
CONCLUSION: Cryptos are on the rise but need innovative regulation
Since it was first exposed to the globe in the wake of the financial crisis, Bitcoin has become a prominent subject of debate. Governments are skeptical, if not afraid, of Bitcoin and oscillate between denouncing and looking into how it may be used for their purposes. The Bitcoin ecosystem is still full of scandals and crooks, despite its ability to decentralize and alter how the current financial system functions. Bitcoin will continue to arouse mistrust and criticism from existing authorities until its ecosystem matures and a critical use case for it is discovered.
Government prejudice regarding cryptocurrencies can be partially explained by fear and a lack of understanding of their ecosystem. These latter worries are legitimate. The cause-and-effect link between the price of Bitcoin and world events needs to be better understood. Thus it provides the erratic price swings of the cryptocurrency, which is considered a crucial sticking point of its ecology.
The need for a regulatory framework is emerging around the digital currency market as the leading global crypto market. Mining regulators intervened, indicating that there would be regulatory intervention concerning cryptocurrencies in 2021, with China explicitly outlawing all cryptocurrency-related activities. In contrast, the U.S. authorities are cracking down on specific market aspects. India is putting forth a Bill to regulate Private cryptocurrencies; the kind of actions determine the market regulation.
Therefore, the government can pass a Digital Currency Act that first mentions the definition of what the cryptocurrency is made up of (essential to an advanced definition that enroots the basic structure of the same) and then focuses on its valuing, i.e., how they will be treated as assets for accounting purposes, should enlist the usage of different digital currencies according to the currency’s legitimacy and transparency. Most significantly, constituting an agency to operationalize and maintain the record of changes will provide general support to the regulation as the investors will invest only when the State can ensure the protection provided by regulatory authorities and transparency.
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